Elmo Homes Co-op Solar Installation
The Building: Elmo Homes Co-op
16,896 square feet
NYCEEC loan product
Elmo Homes is a self-managed 24-unit co-op building. The owners wanted to purchase and install rooftop solar to generate electricity onsite and lower greenhouse gas emissions. Project developer, Zero Carbon, partnered with the NYCEEC to create an integrated technology and finance solution, including a 30.7 kW photovoltaic system and a new metering system capable of aggregating usage data from each housing unit, all with no upfront cost to the co-op association.
Total project cost
Simple payback period
Zero Carbon projects that the system will produce 94% of the building’s typical annual electricity use. Net metering will allow the building to sell back to the grid the excess power it generates during the day. The result will be annual cost savings of $10,992, more than enough to cover the payments during the period of the loan, and to benefit the co-op owners once the loan is paid off.